Correctional Facilities in the US - Industry Market Research Report

Correctional Facilities in the US - Industry Market Research Report

Correctional Facilities in the US

The Correctional Facilities industry owns, manages, and leases prisons, community correctional facilities and juvenile detention centers on behalf of government agencies. Industry demand is uniquely separate from the broader economic climate, in which revenue growth is primarily influenced by crime and incarceration rates. Public opinion and its effect on government policy regarding the privatization of prisons directly affects industry demand and participation. Industry revenue is declining at an annualized 0.6% to an estimated $10.3 billion, including a fall of 0.3% in 2023 as profit reaches 9.7%.

The Correctional Facilities industry consists of operators that own or manage correctional facilities and halfway houses. Services provided by industry enterprises include private janitorial, maintenance, trash disposal, guard and security, mail routing reception, laundry and other services that support operations in correctional facilities. The industry does not include facility support services for other types of establishments, such as military bases and other government facilities.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.